My Forex Trading Journal #14 (August 21, 2019)
This trading journal is composed of three parts:
- the trades I have made in a particular day (either win or lose)
- the lessons I learned
- the things I can do to improve my strategy
Important Notes:
- I update the zones of my tradingview charts every morning.
- I make daily zones (green boxes) and 1h zones (blue boxes).
- I am a scalp to swing trader. I often look at the following timeframes: 15m, 1H, 4H, 1D.
- I only observe/trade two Forex pairs: GBPAUD (British Pound vs Australian Dollar) and XAUUSD (Gold vs US Dollar).
- I journal both my losing and winning trades.
- I don’t claim myself as a guru. I am still working on refining my strategy. Thus, whatever you read here shouldn’t be taken as a piece of financial advice.
Note: A zone is a premium price area in which no one wants to give up the price. Zones usually serve as strong areas of support and resistance. Therefore, the price is expected to move from one zone to another.
XAUUSD (Gold vs US Dollar)
XAUUSD at 1H timeframe
I placed a SELL order for XAUUSD yesterday and placed my target price on the previous support. Unfortunately, the price went the other direction after hitting the previous swing's resistance. I let the price breathe instead by putting my stop-loss at the back of the current zone (blue box). Just this afternoon, the price hit my target price just before going up once again.
Though XAUUSD has an overall bullish trend, the price is already showing signs of exhaustion after going bullish for weeks. XAUUSD might be having a pullback before going up once again. Otherwise, we'll be anticipating for a bearish trend.
PS: The reasons why I am having this online journal can be found here:
Officially Documenting My Trading Journal Online
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